CEO的财务经历有利于缓解企业融资约束吗*
CAN CEOS FINANCIAL EXPERIENCE BE HELPFUL FOR CORPORATE FINANCIAL CONSTRAINT#br#

摘要 CEO的财务经历有利于其做出合理的融资决策和投资决策，从而有助于降低企业融资约束。以2000—2013年沪深A股上市公司作为研究对象，本文实证检验结果证明了笔者的这一假设。该结论在控制内生性以及采用其他指标衡量融资约束等稳健性检验之后仍然成立。进一步检验结果表明，在外部融资条件较差时，CEO财务经历对于缓解融资约束的作用更为显著；同时，CEO财务经历有助于企业提高投资绩效。这表明了具有财务经历的CEO通过提高企业外部融资能力和投资决策的合理性，从而缓解企业融资约束。本文在丰富高阶梯队理论和融资约束领域文献的同时，对于上市公司制定科学合理的CEO聘任决策以及缓解融资约束等方面有重要的启示。
Abstract： This paper examines the influence of CEOs financial experience on firms financial constraintWe contend that financially experienced CEOs have better access to capital markets and can make more reasonable investment decisions, leading to lower level of corporate financial constraintUsing a sample of Ashare listed firms in Shanghai and Shenzhen stock exchanges during 2000—2013，we find that firms with financially experienced CEOs exhibit lower investmentcash flow sensitivities，which means less financial constraintThis result is robust to endogeneity issues and alternative measures of financial constraintFurthermore，we show that the negative relation between financial experience and financial constraint is more pronounced among firms operated in poorer condition of external financing；meanwhile CEOs financial experience significantly increases investment performanceThe evidence suggests that CEOs financial experience benefits corporate financial constraints by improving financing and investment decisionsThis paper contributes to the literature on Upper Echelons theory and financial constraints，and has significant implications for the firm to make better decisions on CEO appointment and financial constraint alleviation